Information of FORFEITURE CLUB UNITS with Quality Vacation Club
Released on: July 29, 2008, 5:47 am
Press Release Author: Ralf Steinbrink
Industry: Entertainment
Press Release Summary: Information of FORFEITURE CLUB UNITS with Quality Vacation Club
Press Release Body: One of the great benefits of our Club is that you can carry forward your club units for a limited period. Another benefit is that our stock portfolio matches the sold Club Units on an ongoing basis and the auditors check this fact every audit, which means that if every member were to want to use their current years Units in any one year there would be stock to match that within the portfolio. But, from a practical point of view, we know that not every member is in a position to go on holiday each year whilst others save or use Club Units in advance.
To cater for these practical issues our scheme rules allow members who are in good standing, which means those who have met their financial obligations as per the terms and conditions of the agreement, are then allowed to carry forward unused Club Units for a prescribed period. The reason this has to be limited to the prescribed period is that, should we allow a longer carry forward period, then the accommodation usage would go out of balance, as the resorts where we own stock do not allow us to carry forward any unused weeks, so once a timeshare week is past it can\'t be recalled or used.
This is why our scheme rules then allow and prescribe that any unused Club Units which are not used in the carry forward period will automatically expire and be forfeited. Please refer to your owners guide pack and you will find that the scheme agreement states that : Clause 7.2 The Members shall be entitled 7.2.1 to accumulate any unused Club Units for any one year so as to carry such Club Units forward for use during the following year, provided that such Club Units may not be accumulated for a period in excess of the terms of the then Club Rules, regarding the carry forward period, after which unutilized Club Units shall be forfeited to the Trading Company.
The following clauses of the Conditions of Sale further confirm that: 1.7 Members in good financial standing with the Association and the Trading Company may carry forward a maximum of One years User Units to the next financial period, after which period such unutilized Club Units shall be forfeited to the Association. 1.10 Members cannot carry over the current year\'s Club Units to the following year unless the relevant fees per the Purchase Agreement for the current year have been paid.
1.12 Unused club units cannot be banked and carried forward to the following year, unless the applicable membership and reservation fees are paid timeously and are up to date. As the Directors of the Association have an obligation to protect the best interests of the Club, therefore, the Board has instructed the Managing Agent to continue to apply the rules of the Club and to enforce them, as and when applicable.
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